According to the recent study titled ‘Subsea Umbilicals, Risers and Flowlines (SURF) Market Size By Water Depth (Shallow {By Product [Umbilicals, Risers (SCR, Flexible, Others), Flowlines]}, Deep{By Product [Umbilicals, Risers (SCR, Flexible, Others), Flowlines], Ultra-Deep{By Product [Umbilicals, Risers (SCR, Flexible, Others), Flowlines]}), By Product (Umbilicals, Risers {SCR, Flexible, Others}, Flowlines), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, UK, Norway, Netherlands, Russia, China, India, Indonesia, Malaysia, Thailand, Australia, Vietnam, Angola, Nigeria, Egypt, Congo, Qatar, Saudi Arabia, UAE, Brazil, Trinidad & Tobago), Competitive Market Share & Forecast, 2019 – 2025’ available with Market Study Report, the global subsea umbilicals, risers and flowlines (SURF) market was worth US $5 billion in 2018 and is projected to witness a growth rate of 7% by 2025.
 

Declining penetration of easily accessible oil reserves is compelling the investors to focus on exploration & production activities across deep and ultra-deep water sites, which in turn is fueling the demand for subsea umbilicals, risers & flowlines. SURF elements offer higher reliability and robust design at lower cost. This factor, along with increasing penetration of mature oil fields at shallow water sites and rising development of energy efficient systems to enhance production capacity will augment the SURF market outlook.
 

Based on product type, riser SURF market segment is expected to grow significantly over the forecast period, owing to rising deployment of floating rigs with advanced deep water technologies. On the other hand, flowlines SURF segment will gain traction on account of burgeoning investments for the development of untapped hydrocarbon reserves. Flowlines optimize subsea architecture and offer high performance in a cost effective manner.
 

In terms of water depth, SURF market from shallow segment will record momentous growth in the upcoming years, pertaining to high capital investments on new E&P projects. Rising focus towards lowering operational costs, in tandem with surging demand for natural and crude oil from pharmaceutical and chemical industries will stimulate the segmental growth.
 

Considering the geographical outlook, North America SURF industry will accrue over US $1 billion by the year 2025, cites the study. High emphasis on improving the production of mature oilfields, in consort with inflow of funding for developing unconventional energy resources are defining the regional market trends. Incorporation of IoT to digitalize drilling operations will act as a secondary growth factor.
 

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Elaborating further on the regional landscape, China SURF market is estimated to grow substantially over the analysis timeframe, owing to growing industrialization and rapid urbanization which is bolstering the demand for petrochemical products. Constant economic growth coupled with rising E&P investments to nurture untapped sites will amplify the regional market growth.
 

Major companies of subsea umbilicals, risers and flowlines market are McDermott, Saipem, Siemens, John Wood Group Plc, Tenaris, Aker Solutions, Halliburton, Vallourec, National Oilwell Varco, General Electric, and TechnipFMC among others.